Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think we CAN live on the mortgage

743 replies

JaneEyre40 · 28/05/2025 09:34

Advice please -

Couple - Earn £10,500 a month
Mortgage - 3,700 a month
Nursery - 1,000 a month

Considering all other possible outgoings, do you think we can afford this and not feel pressured each month. What am I not considering? We've done the spreadsheet but I'm still unsure.

We will have about £65,000 in savings at the beginning of this venture.

Thanks in advance. House of a lifetime.

OP posts:
Pipsquiggle · 28/05/2025 14:40

@JaneEyre40
I am trying to find a previous post that was well worth reading.
Ideally your mortgage shouldn't be any more than 25% of your take home household pay. This allows for all your other necessary payments and discretionary spends.

Ooral · 28/05/2025 14:40

GasPanic · 28/05/2025 09:38

Not if you have a 6K a month alcohol and drugs habit.

stop talking about me!

GentleJadeOP · 28/05/2025 14:39

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Justsomethoughts23 · 28/05/2025 14:39

Hercisback1 · 28/05/2025 14:07

Senior manager that can't add 5200 and 4200....

We earn together less than one of your salaries, yet our council tax is higher.

Aghast you can't work this out for yourself tbh. Just shows salaries don't reflect common sense.

How is your council tax relevant here? Council tax varies enormously throughout the country.
OP, you could have predicted the jealous nonsense here. I honestly can’t believe people find it so shocking that a couple might earn roughly 100k salary each - this is not uncommon in London especially and not even that high these days?!
We have a similar net pcm, mortgage £3k ish and it’s actually fairly tight with ~2k/mo nursery fees, but we spend a lot on food shops/eating out and holidays, so it really depends if you genuinely don’t/don’t want to do those things IMO. Also, don’t underestimate how high running costs can be and in our case, how every tradesman seems to add a 0!

Moveoverdarlin · 28/05/2025 14:38

Go for it OP, sounds like you can afford it, and the good news is the nursery fees will be gone in a few years. That will be a huge saving.

My big, lovely house is my everything. We stretched ourselves to get it and I’m so pleased we did. Whilst people are right to be cautious because things can easily go wrong, with redundancy and health etc, but don’t forget in the future things can change that make your life easier.

In the last 10 years both my husband and I have received inheritance which allowed us to wipe quite a bit off the mortgage.

Original poster
JaneEyre40 · 28/05/2025 14:36

Summerhillsquare · 28/05/2025 14:31

I often wonder this. But it's probably just inheritance, family connections, existing property, the usual things.

Show quote history

Yeah, my mom is a millionaire

OP posts:
Original poster
JaneEyre40 · 28/05/2025 14:35

TheGirlattheBack · 28/05/2025 14:31

Others have mentioned job loss but there are other reasons why you may lose one of your incomes, ill health, caring responsibilities and sorry to say death.

We always made sure we could afford our monthly outgoings on one of our salaries and it has served us well as one of our DC has major health problems and I had to give up work. We could have had a massive mortgage but thankfully chose not to - we are very cautious people though.

That said if it became too much we would have just moved to something more affordable so you always have options. I think people get too wrapped up in the forever house concept. If it’s your dream house for now and you can afford it now, go for it.

I haven’t read the full thread (too bitter and sarky) so hope I’m not repeating what others have said!

Thank you, health is at the forefront of my mind in considering this.

OP posts:
Leiths · 28/05/2025 14:35

The best budget planner I have found is this one Budget Planner: how to manage your money - MoneySavingExpert it's fairly comprehensive. I'd put everything in (with real figures- it's easy to forget things of just guess and that defeats the object) then try modelling what happens if you end up paying more on the mortgage.

Original poster
JaneEyre40 · 28/05/2025 14:34

DismondShoes · 28/05/2025 14:33

Why is the council tax so low?

I don't know. However, it is likely to rise, how much is unknown.

OP posts:
Fearfulsaints · 28/05/2025 14:34

Toohardtofindaproperusername · 28/05/2025 14:28

Does your job require you to problem solve? Don't wanna be too mean but that seems quite a rhetorical question for most people. What makes it not so for you?

Show quote history

I can't tell if you are being mean or not as I can't understand what you are asking me.

Original poster
JaneEyre40 · 28/05/2025 14:33

Spacehop · 28/05/2025 14:32

Yes exactly. I'm in a shitty marriage but I don't rain on the parade of those who have a wonderful DH. Envious but not bitter is always preferable.

OP wonder if having a longer mortgage without over-payment penalties or an off-set mortgage. Mortgages tend to be much more affordable over time. For instance we couldn't buy a flat now with the mortgage that seemed humungous 20 years ago.

Show quote history

Yes, thank you, that is definitely something to think about.

OP posts:
DismondShoes · 28/05/2025 14:33

Why is the council tax so low?

Original poster
JaneEyre40 · 28/05/2025 14:32

CarmellaSopranosKitchen · 28/05/2025 14:31

My mind boggles how some people can earn so much and yet have little common sense...I wonder what jobs they do?

Professional trolls 😎

OP posts:
Spacehop · 28/05/2025 14:32

Lancasterel · 28/05/2025 12:49

Don’t worry about them OP, they’re presumably just jealous. You can post about whatever financial circumstances you like! And you don’t have to always “read the room.”
These jealous posters drive me mad…. I’m an only child and proper jealous of people with a
sibling. Doesn’t mean I’m rude to people who post about their brothers and sisters!

Show quote history

Yes exactly. I'm in a shitty marriage but I don't rain on the parade of those who have a wonderful DH. Envious but not bitter is always preferable.

OP wonder if having a longer mortgage without over-payment penalties or an off-set mortgage. Mortgages tend to be much more affordable over time. For instance we couldn't buy a flat now with the mortgage that seemed humungous 20 years ago.

Original poster
JaneEyre40 · 28/05/2025 14:32

PixelNomad · 28/05/2025 14:28

Why are people so angry at those who have worked their way up and are earning well as a result. Baffling, really.

OP, our numbers are similar to yours, mortgage lower but we are overpaying quite a bit. We also have two DC, they are older and doing a lot of activities (sports, music, etc..) and that costs about 1K a month.

It's perfectly doable but like others said, think of a plan in case one you loses their job (ie enough savings to cover at least 6 months of mortgage and bills etc..)

Thank you. The hate is baffling, I would genuinely be happy for anyone who earns more than me. It's nothing to do with me. Anyway each to their own bitterness.

OP posts:
CarmellaSopranosKitchen · 28/05/2025 14:31

My mind boggles how some people can earn so much and yet have little common sense...I wonder what jobs they do?

Summerhillsquare · 28/05/2025 14:31

NotSmallButFunSize · 28/05/2025 09:40

Oh piss off!

If you can't work this out, how the actual fuck did you even get the job that pays so much?

I often wonder this. But it's probably just inheritance, family connections, existing property, the usual things.

TheGirlattheBack · 28/05/2025 14:31

Others have mentioned job loss but there are other reasons why you may lose one of your incomes, ill health, caring responsibilities and sorry to say death.

We always made sure we could afford our monthly outgoings on one of our salaries and it has served us well as one of our DC has major health problems and I had to give up work. We could have had a massive mortgage but thankfully chose not to - we are very cautious people though.

That said if it became too much we would have just moved to something more affordable so you always have options. I think people get too wrapped up in the forever house concept. If it’s your dream house for now and you can afford it now, go for it.

I haven’t read the full thread (too bitter and sarky) so hope I’m not repeating what others have said!

Coconutter24 · 28/05/2025 14:30

Depends how much your bills are, cars, insurances etc. It’s easy people saying £5k is plenty to live on but if you’ve got £2k worth of household bills, £1k car cost (might have 2 cars in finance then insurance and fuel), money is soon dwindling down

Original poster
JaneEyre40 · 28/05/2025 14:30

GentleJadeOP · 28/05/2025 14:20

Yes I think most of us agree!

Show quote history

But you see, infuriatingly, I just don't care.

OP posts:
Styleseeker65 · 28/05/2025 14:28

Public sector isn’t that safe anymore. Our household net income is a bit more than yours, both at similar levels but it’s highly likely I’ll be made redundant this year due to the current NHS doge frenzy so our income will almost be cut in half. Have you planned for that happening to you?

Toohardtofindaproperusername · 28/05/2025 14:28

Fearfulsaints · 28/05/2025 09:39

Have you stress tested the mortgage at different interest rates?

Yes your income is huge and after the mortgage and nursery fees would still be more than my total household income.

but I assume with such a big mortgage a couple of percent on interest would have a big impact.

Does your job require you to problem solve? Don't wanna be too mean but that seems quite a rhetorical question for most people. What makes it not so for you?

PixelNomad · 28/05/2025 14:28

Why are people so angry at those who have worked their way up and are earning well as a result. Baffling, really.

OP, our numbers are similar to yours, mortgage lower but we are overpaying quite a bit. We also have two DC, they are older and doing a lot of activities (sports, music, etc..) and that costs about 1K a month.

It's perfectly doable but like others said, think of a plan in case one you loses their job (ie enough savings to cover at least 6 months of mortgage and bills etc..)

Original poster
JaneEyre40 · 28/05/2025 14:27

Hercisback1 · 28/05/2025 14:07

Senior manager that can't add 5200 and 4200....

We earn together less than one of your salaries, yet our council tax is higher.

Aghast you can't work this out for yourself tbh. Just shows salaries don't reflect common sense.

Totally

OP posts:
Pigtailsandall · 28/05/2025 14:27

JaneEyre40 · 28/05/2025 14:05

That's what I think. However, our lifestyles have changed since baby came and I think we are saving a significant amount due to not doing anything not baby related 😂

Show quote history

Hi, I totally get this. Our dc is almost 6 and we didn't spend much on holidays and trips when they were younger (plus also in London so nursery was about £1200pcm), but last few years we've definitely had more itchy feet and now we also want to show them the world! So I would, at some point, calculate for those particularly if you were a keen traveller before